WHAT IS CHAPTER 11 BANKRUPTCY?

Chapter 11 bankruptcy, often called “reorganization” bankruptcy, is used by businesses and individuals whose debt level may be too high to qualify for the reorganization benefits of Chapter 13 bankruptcy. It’s more complex, however, because of the structuring of repayment. This type of bankruptcy allows a business to keep operating while being given time to repay debts and establish financial stability.

The process begins with a company filing a petition with the bankruptcy court. The company is then given a time frame to present a reorganization and payment plan and if there’s just cause, the court can extend the time to present a plan up to eighteen months. The plan places priority on repayment for creditors based on debt class.

WHAT IS CHAPTER 11 BANKRUPTCY?

Chapter 11 bankruptcy, often called “reorganization” bankruptcy, is used by businesses and individuals whose debt level may be too high to qualify for the reorganization benefits of Chapter 13 bankruptcy. It’s more complex, however, because of the structuring of repayment. This type of bankruptcy allows a business to keep operating while being given time to repay debts and establish financial stability.

The process begins with a company filing a petition with the bankruptcy court. The company is then given a time frame to present a reorganization and payment plan and if there’s just cause, the court can extend the time to present a plan up to eighteen months. The plan places priority on repayment for creditors based on debt class.

HELPING GOOD PEOPLE START OVER

To discover how you can get a fresh start with Chapter 11 bankruptcy, call for a free consultation. Curtis, Casteel & Palmer, PLLC has helped hundreds of good people overcome financial hardship in Lynnwood and Snohomish and north King Counties.

Joshua Curtis - Attorney

Joshua Curtis

Robert Casteel - Attorney

Robert Casteel

Steve Palmer - Attorney

Steve Palmer

Bankruptcy Lawyer Serving Lynnwood & Snohomish County

Proudly serving the communities of Lynnwood, Edmonds, Everett, Mill Creek, Bothell, Shoreline, Brier, Mountlake Terrace, Kenmore, Woodinville, Lake Forest Park, Northgate, Seattle and all north King & Snohomish Counties.